What is the value of experience? When you are a new buyer & have never been through a real estate transaction personally, I think it is priceless. You are looking for an advocate that will help keep you on the correct path & steer you clear of all of life's land mines.
What about experience when you are a tenant? It's mostly never written about but a tenant is due the same rights and guidance as a traditional buyer. The system just seems to be mostly focusing on actually purchasing a property.
But what's in this story that I want to share? You will soon see that it's just as important when you are renting a property as it is when you purchase. Find someone that knows what they are doing & can explain what your duties & rights are with a lease. It can be just as critical.
Story begins that a private owner has a townhouse that they want to rent out while they are transferred to Louisiana. The terms are set, the property fluffed for immediate occupancy & tenants begin viewings. One particular rental company brings an interested tenant who is 'good as gold'. The paperwork is filled out & a credit & background check are run on these future tenants.
Low & behold, these upscale 'professionals' have less than stellar credit despite their generous income. Doesn't make much sense where the 'good as gold' reference came from as a low FICO score certainly leaves a bad impression on their pay abilities.
Seller says that they can move into the property mid-month with the lease & riders being forwarded to the tenants leasing agent. Here's where the problem starts - leasing agent has never read a lease in his life & cannot explain one iota of the standard lease to the tenants. Huge emails are thrown back & forth on how this works & what does this mean.
All the while the tenants agent forwards the questions on to me which are standard questions the agent should be able to explain. Tenant doesn't figure out that no one is representing him. Tenant does not know that the other agent should be explaining what his obligations are in the lease. He is being represented ......
Or is he?
I say "no". The tenant is not being represented adequately by his current agent. There is a difference between asking legal questions & wondering what happens if the dryer breaks down!
So my advice to all you tenants out there - be sure to work with someone that was just not licensed yesterday. Be sure your 'advocate' can explain to you what the lease means in language that you can understand.
The owners agent works for the owner & will not rewrite a standard lease to conform to your wishes. The owner does not owe you anything other than what is written in the lease. You can either sign it or reject it.
In this particular case, the tenant decided to walk away from the deal because his agent could not explain to him basic lease details for the State of Illinois. Not a good thing.